Morningstar, Inc. — Director's Dealing 2012

Sep 25, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Morningstar, Inc. (MORN)
CIK: 0001289419
Period of Report: 2012-09-24

Reporting Person: Phillips Donald James II (Director, President, Research)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-09-24	Common Stock	S	5000	$62.4881	Disposed	170050	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	60605	Indirect

Footnotes

F1: The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 12, 2012.

F2: The transaction was executed in multiple trades at prices ranging from $61.80 to $62.73. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, Morningstar or a shareholder of Morningstar full information regarding the number of shares and prices at which the transaction was effected.